The Market for directors' and officers' insurance

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<title>Market for directors' and officers' insurance</title>
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<namePart>Fier, Stephen G.</namePart>
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<namePart>Liebenberg, André P.</namePart>
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<abstract displayLabel="Summary">Directors' and officers' (D&O) liability insurance is a commonly used risk management tool for corporations both in the United States and abroad. While prior research has focused on the demand for D&O insurance and its role in corporate governance, there is an absence of literature on the supply side of the D&O market. Using the newly available D&O Insurance Coverage Supplement to insurers' statutory filings, we develop a more comprehensive understanding of the D&O insurance market and of those firms that write D&O coverage. We develop and estimate a model of the decision to write D&O insurance and the extent of market participation. Our results suggest that there are significant operational and financial differences between firms that supply D&O insurance and those that do not. Several of these differences (specifically, size, diversification, and organizational form) are consistent with the predictions of the managerial discretion hypothesis</abstract>
<note type="statement of responsibility">Stephen G. Fier, Andre P. Liebenberg</note>
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<topic>Responsabilidad civil de la empresa</topic>
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<topic>Mercado de seguros</topic>
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<topic>Seguro de responsabilidad civil profesional</topic>
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<topic>Gerencia de riesgos</topic>
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<topic>Dirección de empresas</topic>
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<topic>Empresas de seguros</topic>
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<topic>Seguro D&O</topic>
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<topic>Directors and officers (insurance)</topic>
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<title>Risk management & insurance review</title>
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<publisher>Malden, MA : The American Risk and Insurance Association by Blackwell Publishing, 1999-</publisher>
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<identifier type="issn">1098-1616</identifier>
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<text>06/10/2014 Tomo 17 Número 2 - 2014 , p. 215-239</text>
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